Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Gains Ground As Russia May Cut Gasoline Exports

Natural Gas

Natural gas pulled back from session highs as traders reacted to the EIA report, which showed that working gas in storage increased by +23 Bcf from the previous week.

If natural gas declines below the support level at $3.00 – $3.05, it will head towards the next support at $2.70 – $2.75.

WTI Oil

WTI oil gains ground amid reports indicating that Russia would soon ban gasoline exports. Russian gasoline prices have been rising in recent weeks, and the country plans to ban exports to fight inflation.

From the technical point of view, WTI oil needs to settle above the resistance at $66.00 – $66.50 level to gain additional upside momentum in the near term.

Brent Oil

Brent oil gained some ground as traders reacted to ECB decision to leave the interest rate at 2.15%.

The technical picture remains unchanged as Brent oil is stuck in the $68.00 – $68.50 range.

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